The oilfields in Libya, which are currently closed due to force majeure, could reopen in days. This was made known by Libya’s oil minister, Mohammed Oun, following calls from Libyan Prime Minister-designate Fathi Bashagha on Sunday after a meeting with representatives from the region that houses the country’s main oil resources.
Last weekend, Libya’s National Oil Company (NOC) announced force majeure on Al-Sharara, the country’s largest oilfield, as well as the El Feel oilfield and two major export terminals, shutting down 550,000 barrels per day.
According to local media sources, Prime Minister-designate Bashagha called on individuals in the Oil Crescent region to open their ports to export and requested that oil earnings be shared equally between the east and the west on Sunday.
Excerpt from report in the local media: “We have extensive contacts with several local and international parties to set up a transparent mechanism that ensures that oil revenues are not exploited and that these revenues are kept in the accounts of the Libyan state away from political conflicts, so that we ensure that these funds are for the benefit of the Libyan people.”
Bloomberg reported on the same Sunday that the oil minister had met with tribal representatives in the Oil Crescent and that the protesters would allow production and exports to resume “within days.”
The oilfields and export terminals are controlled by forces in the eastern region, while the oil income is controlled by the western region through the Central Bank in Tripoli.